The Foundational Economy covers those areas of the economy that provide the goods and services essential for everyday life.
Health and social care, food, housing, energy and utilities, construction, retailers on the high street and tourism are all areas [or ‘zones’] of the foundational economy.
These goods and services are generally provided by public bodies; (directly or through funding outsourced activities); small and medium enterprise (SME) firms; and much larger companies such as privatised utilities or branches of mobile companies such as the major supermarkets.
The presence – or absence – of a thriving local foundational economy can have a profound impact on places and the communities that they support in terms of goods, services, distribution of income and skills and job opportunities.